HF Sinclair CorporationDINO
NYSE•Energy•Oil & Gas Refining & Marketing
HF Sinclair Corporation operates as an independent energy company in the United States. It operates through five segments: Refining, Renewables, Marketing, Lubricants & Specialties, and Midstream. The company produces and markets gasoline, diesel fuel, jet fuel, renewable diesel, specialty lubricant products, specialty chemicals, commodity and modified asphalt products, and others. It also owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington, and Utah, as well as markets its refined products principally in the Southwest United States and Rocky Mountains, Pacific Northwest, and in other neighboring Plains states. In addition, the company supplies fuels to 1,700 branded stations and licenses the use of the Sinclair brand at approximately 350 additional locations, as well as provision of other marketing activities. Further, the company produces base oils and other specialized lubricants; and provides petroleum product and crude oil transportation, terminalling, storage, and throughput services to the petroleum sector. Additionally, it offers hydrocarbon chemicals, including white oils, petrolatums, and waxes. The company also exports its products. HF Sinclair Corporation was incorporated in 1947 and is headquartered in Dallas, Texas.
HF Sinclair Corporation (DINO) reported trailing twelve months revenue of $27.62B as of March 2026, a 21.0% decline year-over-year. Quarterly revenue reached $7.12B, reflecting a contraction in sales.
HF Sinclair Corporation generated $1.23B in TTM net income, with quarterly EBITDA of $1.08B. The operating margin expanded from 1.3% to 11.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (11.9%) and net margin (9.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -0.1% a year ago, signaling stronger bottom-line efficiency.
DINO trades at a P/E of 9.3x (below the broader market average) and a P/S of 0.4x. The price-to-book ratio of 1.2x reflects a moderate premium to book value.
The company generated $355.00M in free cash flow over the trailing twelve months, a 302.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $18.17B in total assets with $2.77B in long-term debt against $9.66B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 16 quarters of fundamental data
Operating margins are under pressure, averaging 3.4%. The business may lack pricing power or face rising costs.'
ROE is positive at ~6.8% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 16 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 5.7% — net buybacks are reducing shares outstanding and boosting per-share value.